NCLT approves Resolution Plan of S and H Gears Private Limited

Rani Agro Private Limited Vs S and H Gears Private Limited (NCLT Mumbai)

1. This is an Application filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code) filed by the Resolution Professional seeking approval of the Resolution Plan submitted by the Resolution Applicant, Mr. Gautam R. Gajra (Lead Member), M/s Gajra Gears Private Limited and M/s Elve Corporation (Gajra Consortium), which was approved by 77.21% voting share of the members of the Committee of Creditors (hereinafter referred to as ‘COC’).

2. The facts leading to the Application are as under:

i. Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by this Bench by an order dated 24.01.2020 under Section 7 of the Insolvency and Bankruptcy Code 2016 (hereinafter referred to as ‘the Code’) and Mr. Navin Khandelwal, was appointed as Interim Resolution Professional. The IRP constituted the Committee of Creditors. The COC in its 1st meeting held on 22.06.2020 appointed Mr. Navin Khandelwal as the Resolution Professional and the COC in its 10t^h meeting held on 07.06.2021 resolved to replace the Resolution Professional and appointed Ms. Teena Saraswat Pandey (the present Applicant) as the Resolution Professional (RP). The IRP published a public announcement as per Section 13 & 15 of the Code inviting claims from the creditors of the Corporate Debtor.

ii. The Applicant published a Public Announcement in Form A in accordance with Section 15 of the Code, on 18.03.2020, in English Newspaper Financial Express and in Marathi newspaper Navrashtra, inviting claims from the creditors of the Corporate Debtor. The Interim Resolution Professional (IRP) formed the COC consisting of the following Financial Creditors, having voting percentage rights as stated below: